Published at 04:45 (GMT) 30 Sep
India is working to significantly reduce cost of transaction and quicken the process for exports based on a raft of recommendations made by a high-level committee, as the government seeks to make doing business easier and give a thrust to foreign trade. A taskforce headed by former Director General of Foreign Trade Anup Pujari has listed out 10 broad issues hurting exporters and requiring urgent attention. These include rationalisation of bank charge, self-certification of documents and a reduction in physical checks. The committee has suggested a framework to build an efficient trade facilitation mechanism in India. The average cost of exports from India is $1,170 per transaction, nearly double that of Sri Lanka, the UAE and China, as per the World Bank's Doing Business report, in which India is ranked 134 out of 189 countries. Some of its recommendations are likely to figure in the foreign trade policy for 2014-19, expected to be announced mid-October (ET).
On FX, USD/INR opened at 61.600 vs. last close at 61.530. Prices inching higher, however, accelerated upmove amidst a firmer dollar is stalled by the positive sentiment generated after S&P revised economic outlook last week. Pair last seen trading at 61.630 - 640 lvls. Bulls need a lift above 61.735 to regain control. SENSEX trading stead just above 26600 lvls. 10Y yields trading between 8.480 - 8.500%. Focus on RBI MPC decision due shortly. BB
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